JPMorgan held 848,932 Strategy shares worth $131.3 million at the end of September, a 36% increase over three months. Its position in BlackRock’s iShares Bitcoin Trust (IBIT) also grew, reaching 11.4 million shares valued at $540 million. Together, these two positions were worth $671 million on September 30, while the bank also disclosed put and call options, indicating a strategy more complex than a straightforward bullish bet. Meanwhile, MSCI confirmed Strategy’s removal from several indexes after the November 30 close, a process expected to trigger passive selling that JPMorgan previously estimated at $2.8 billion. At the same time, Bitcoin fell below $69,000 and crypto liquidations reached $1.6 billion over 24 hours.
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